SBA Disaster Assistance in Response to the Coronavirus
Congress is currently considering legislation that if approved might provide additional loan and grant options to eligible small businesses impacted by the Covid-19 outbreak. As a participating SBA lender, BankCherokee will be following the developments closely in the hope of partnering with the SBA in any future relief programs.
Upon completion of the COVID-19 disaster declaration for Minnesota, Minnesota businesses are now eligible to apply for the SBA Economic Injury Disaster Loans (EIDL).
More information on the EIDL Program from the SBA Minnesota District Office:
What's an EIDL?
- The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
- EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
- The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
- EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower's ability to repay.
How do I apply?
- Online at www.sba.gov
- The SBA Minnesota District Office created a loan training video, it is about 15 minutes long. Click here to watch it.
- Still need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email email@example.com. Individuals who are deaf or hard-of-hearing can call 800-877-8339.